Ghana plans 24-hour economy policy

The Ghanaian government says it is committed to the pursuit of its 24-Hour Economy policy aimed at stimulating economic growth and job creation. At the 2025 Budget presentation to Parliament, Finance Minister, Cassiel Ato Forson, explains that the government targets a lower budget deficit this year to fix the economy after the debt restructuring Richmond Frimpong, Advisory Board Chair at FLF Africa, joins CNBC Africa to unpack the budget.

Wed, 12 Mar 2025 14:32:18 GMT

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AI Generated Summary

The government aims to stimulate economic growth and job creation through the implementation of a 24-Hour Economy policy, as outlined in the 2025 Budget presented to Parliament.
Ghana faces challenges related to debt service obligations, fiscal consolidation under an IMF program, and the need to prioritize productive sectors while minimizing critical expenses.
Infrastructure development, energy sustainability, and private sector participation are crucial factors in supporting the country's ambitious 24-hour economy initiative and broader economic revitalization efforts.

The Ghanaian government has set its sights on implementing a groundbreaking 24-Hour Economy policy in a bid to jumpstart economic growth and foster job creation. During the presentation of the 2025 Budget to Parliament, Finance Minister Cassiel Ato Forson outlined the government's commitment to achieving this ambitious goal while also aiming to lower the budget deficit and steer the economy towards recovery following recent debt restructuring efforts. To shed light on the budget and the country's economic prospects, Richmond Frimpong, Advisory Board Chair at FLF Africa, provided insights into the key highlights and potential challenges ahead. The Finance Minister emphasized a focus on economic restructuring, stabilizing the foreign exchange situation, and cautious optimism regarding GDP growth projections. Despite facing near-term challenges, such as addressing debt service obligations and navigating fiscal consolidation efforts under an IMF program, Ghana remains determined to prioritize productive sectors of the economy and minimize critical expenses that could impede progress. Looking ahead, questions arise about the financial capabilities and policy clarity needed to support the infrastructure demands of the 24-hour economy initiative. Frimpong underscored the importance of strategic funding allocation, leveraging oil revenues for capital expenses, and quickening the formulation and presentation of policy details to Parliament for swift implementation. Infrastructure development, energy sustainability, and private sector involvement are pivotal components in realizing the 24-hour economy vision. As Ghana charts its course towards economic revitalization and embracing a round-the-clock business environment, key stakeholders will be closely monitoring the implementation of these ambitious plans.